3GFFIRS.indd iv3GFFIRS.indd iv 12/02/13 12:36 PM12/02/13 12:36 PM

MAKE MORE MONEY, FIND MORE CLIENTS, CLOSE DEALS FASTER

THE CANADIAN REAL ESTATE AGENT’S ESSENTIAL BUSINESS GUIDE

by Claude Boiron

3GFFIRS.indd i3GFFIRS.indd i 12/02/13 12:36 PM12/02/13 12:36 PM

Copyright © 2013 Claude Boiron

All rights reserved. No part of this work covered by the copyright herein may be reproduced or used in any form or by any means—graphic, electronic, or mechanical—without the prior written permission of the publisher. Any request for photocopying, recording, taping, or information storage and retrieval systems of any part of this book shall be directed in writing to Th e Canadian Copyright Licensing Agency (Access Copyright). For an Access Copyright licence, visit www.accesscopyright.ca or call toll free 1–800–893–5777.

Care has been taken to trace ownership of copyright material contained in this book. Th e publisher will gladly receive any information that will enable them to rectify any reference or credit line in subsequent editions.

REALTOR®, REALTORS®, and the REALTOR® logo are all certifi cation marks owned by REALTOR® Canada Inc., a corporation jointly owned by the National Association of REALTORS® and Th e Canadian Real Estate Association.

MLS® and Multiple Listing Service® are certifi cation marks owned by CREA.

While the publisher and author have used their best eff orts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifi cally disclaim any implied warranties of merchantability or fi tness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. Th e advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for damages arising herefrom.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. For more information about Wiley products, visit www.wiley.com.

For general information about our other products and services, please contact our Customer Care Department within the United States at (800) 762–2974, outside the United States at (317) 572–3993, or fax (317) 572–4002.

Library and Archives Canada Cataloguing in Publication DataBoiron, Claude Make more money, fi nd more clients, close deals faster : the Canadian real estate agent’s essential business guide / Claude Boiron.

Includes index. ISBN 978-1-118-00804-1 (pbk); 978-1-118-01878-1 (ebk); 978-1-118-01879-8 (ebk); 978-1-118-01880-4 (ebk)

1. Real estate business—Canada. 2. Real estate agents—Canada. I. Title.

HD1375.B67 2013 333.330971 C2013-900198-0

Production CreditsCover design: Ian KooCover photo: Hemera/Th inkstockManaging Editor: Alison MacleanProduction Editor: Lindsay Humphreys Composition: Th omson DigitalPrinter: Friesens Corporation

John Wiley & Sons Canada, Ltd.6045 Freemont Blvd.Mississauga, OntarioL5R 4J3

Printed in Canada

1 2 3 4 5 FP 17 16 15 14 13

3GFFIRS.indd ii3GFFIRS.indd ii 12/02/13 12:36 PM12/02/13 12:36 PM

To Belle, who makes her papa proud and brings him joy daily.

And to Anja, a transcendent beauty whose spirit and joie de vivre shine with a light so bright, she is the companion of my dreams. Volim te.

Th is book would not have been possible without my own mentor and father, Pierre. Th ank you for teaching me all I know about real estate.

3GFFIRS.indd iii3GFFIRS.indd iii 12/02/13 12:36 PM12/02/13 12:36 PM

3GFFIRS.indd iv3GFFIRS.indd iv 12/02/13 12:36 PM12/02/13 12:36 PM

Table of Contents

Foreword ix

Acknowledgements xi

Part I: Th e Business of Real Estate

Chapter 1: Is Real Estate for You? 3Qualities of a Top Realtor 5What Type of Real Estate Is Right for You? 9Commission Structure 11Developing Your Own Style 13Th e Regulatory Bodies 14

Chapter 2: Finding a Brokerage that Fits 17Commissions and Fees 18Support and Training 19Type of Brokerage and Community It Serves 20How a Brokerage Operates 24How a Brokerage Makes Money 27Online Brokerages 27

Chapter 3: How Do You Make Money and Find Clients? 29Th e Money Part 29Th e Clients Part 31Creating Relationships and Making Connections 33

Part II: Representing the Seller

Chapter 4: When Meeting with a Client 39

3GFTOC.indd v3GFTOC.indd v 08/02/13 1:31 PM08/02/13 1:31 PM

Table of Contentsvi

Putting a Client at Ease 39Helping a Client with the Fine Print 43

Chapter 5: Pricing Strategies 49Factors to Consider in Establishing an Asking Price 49Motivating a Seller to Accept an Off er 52

Chapter 6: Preparing a Home for Sale 57Home Staging 57Should You Consider Being Certifi ed as a Home Stager? 61

Chapter 7: Using Digital Tools for Branding and Marketing 63Digital Media 63

Digital Photographs 64Social Media 65

Social Media Branding 66Social Media Strategy 67Twitter 67Facebook 69LinkedIn 70

Realtor Websites 72Search Engine Optimization (SEO) 72

Researching Keywords 73Using Keywords in Titles 74Continuing to Write More Content 74Including Images 74Getting External Links 75Integrating Social Media 75

Other Advertising and Marketing 75

Chapter 8: From Showing to Off er 77Working with Other Realtors 77Holding an Open House 78Keeping the Seller Client Calm during the Sale Process 79Dealing with Multiple Off ers 80

Chapter 9: Getting to Closing 85Negotiating a Deal 86Helping the Client beyond the Deal 88

3GFTOC.indd vi3GFTOC.indd vi 08/02/13 1:31 PM08/02/13 1:31 PM

Table of Contents vii

Part III: Representing the Buyer

Chapter 10: Knowing What Your Buyer Client Really Wants 93Meeting Face to Face 93Questions to Ask the Client 95Use the Funnel Approach 96Taking the Emotion Out of Buying a Property 100

Chapter 11: Showing Properties to Your Clients 105Preparing to Show Properties 106Negotiating Lock Boxes and Showing Etiquette 108Useful Links 118

Chapter 12: Explaining the Terms of a Listing to Your Client 119Explanation of Terms 119

Chapter 13: Th e Off er to Purchase: It’s a Contract 127Terms and Explanations 129

Chapter 14: For Sale By Owner versus a Full-Service Brokerage 137Commissions and Values 141

Chapter 15: Tips for Working with Listing Agents, Dealing with Multiple Bids, and Meeting Conditions 143Working with a Listing Agent 143Managing Multiple-Bid Situations 145

Conditions: Always a Balancing Act 147What If a Home Inspection Digs Up a Problem? 150

Chapter 16: Guiding Your Client through the Final Closing Process 153Closing Costs and Related Expenses 153Waiving of Conditions 154Title Insurance 155

Part IV: Setting Up a Network of Experts

Chapter 17: Professionals You Need to Have in Your Circle 159A Real Estate Lawyer 159List of Other Professionals 160Where Can You Meet Other Professionals? 163

Chapter 18: Building Relationships with Other Realtors 165Create an Atmosphere of Cooperation with Other Realtors 167

3GFTOC.indd vii3GFTOC.indd vii 08/02/13 1:31 PM08/02/13 1:31 PM

Table of Contentsviii

Part V: Tales from the Trenches

Chapter 19: Real-Life Stories about Deals 177

Chapter 20: Words to the Wise: Pitfalls and Tips to Avoid Th em 185Real Estate Professionals’ Answers to Common Questions 187

Appendix A: Helpful Tools and Further Reading 201

Appendix B: Glossary 203

About the Author 207

Index 209

3GFTOC.indd viii3GFTOC.indd viii 08/02/13 1:31 PM08/02/13 1:31 PM

Forewordby Andrew Zsolt, Owner & Broker of Record

(Coldwell Banker Terrequity Realty)

If you’re an aspiring realtor or one that has just been licensed, do you really understand the profession that you have gotten yourself into? As a con-sumer, have you ever wondered what your agent is doing for you? What should she be doing for you? How does a good realtor earn his commission? Where does all that money go?

In his easy-to-read writing style, with numerous fascinating examples, Claude Boiron aff ords the reader an insider’s look at how realtors think and act, and how they should be thinking and acting for the ultimate good of their clients and themselves.

Due to the way real estate licensing is structured in most of Canada, many realtors do have a good idea of how to fi ll out forms and how to avoid being fi ned or sued. Of course they understand the steps they need to take to remain licensed. Unfortunately, however, many don’t receive the appro-priate education about business, marketing and advertising (of themselves or their clients’ listings), negotiations, deal-making strategy, and so on.

Having known Claude for more than a decade, and being familiar with his extensive training programs at several universities, I can say that Claude is a unique combination of entrepreneur, caring salesperson, and knowledgeable realtor. If you are interested in a career in real estate, want to improve your knowledge as a practising realtor, or are simply passionate about real estate and want to take a peek behind the curtain to see how the real estate industry operates, I urge you to read this book.

3GFLAST.indd ix3GFLAST.indd ix 08/02/13 1:36 PM08/02/13 1:36 PM

3GFLAST.indd x3GFLAST.indd x 08/02/13 1:36 PM08/02/13 1:36 PM

Acknowledgements

Th is book benefi ted greatly from the help of several people who read through the manuscript and provided comments, supplementary stories, and material: Abcar Ohanessian, Paul Grissom, and James Basnett (Toronto Realtor Media). For contributions to the chapter on advertising and marketing: Crystal DeVries, Joe Almeida, Christiane Yerex, Rita Pardatscher, Anja Perendija, and Pierre Boiron. I would also like to thank the various contributors of material and stories in the Tales from the Trenches part of this book, including Heather Holmes, Farrell Macdonald, Joanna Duong, Andrew Wells, Paul Gill, Shawn Bedard, Gerald Moodie, and Maciek Tarnowski.

3GFLAST01.indd xi3GFLAST01.indd xi 08/02/13 1:54 PM08/02/13 1:54 PM

3GFLAST01.indd xii3GFLAST01.indd xii 08/02/13 1:54 PM08/02/13 1:54 PM

PART

IThe Business of Real Estate

3GC01.indd 13GC01.indd 1 12/02/13 11:12 AM12/02/13 11:12 AM